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I keep getting my BTC trades rejected with no explanation other than'rejected sorry'. Are people coming across the same issue?

 

I raised a ticket with the support desk and apparently the reason for the rejections is that the market was in an 'un-longable' state at the time I attempted my trades. I don't understand why, if the market is open, we are not allowed to place a long position.

 

It almost feels like trades are not allowed when they have a high probability of being winners?

 

Keen to hear if anyone is experiencing this problem.

 

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a bit more info on why PK isn't a fan >> https://www.nytimes.com/2018/07/31/opinion/transaction-costs-and-tethers-why-im-a-crypto-skeptic.html

3 minute segment of an interview with Derek Urben CFO of Coinigy with an explanation of the problem with bitcoin and what to look for to signal a future move.    

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Big scam report from Canada involving Bitcoin ATM's . 45 people lose $340,000.

2 points, caller id on your phone can be faked, and scammers are demanding payment into a Bitcoin ATM.

 

https://www.financemagnates.com/cryptocurrency/news/scared-vulnerable-canadian-victim-lost-12000-bitcoin-atm-scam/?utm_content=buffer59108&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

 

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Caseynotes wrote:

NY Times piece on the increasing concerns around crypto exchanges re; hacking and security, disclosure and business models.

 

 

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An interesting article about Bitfinex, I'll definitely continue to avoid them. When you look at what happened at say Equifax, or remember the Bangladesh Bank losing $101 million to hackers, it is any surprise there are also badly run and poorly secured exchanges. It's a shame they don't offer any constructive advice about how to invest safely in the article.

 

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getrichquik wrote:

James, why is trading in cryptos frozen sometimes? What if want to liquidate a position and its low volume?

Hi  - if you were in a position you would be able to close your deal (provided the market was open on IG). The 'unlongable' and 'unborrowable' rejections would only stop a new trade being booked onto an account. I hope this clarifies things. 

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Chrisjoe wrote:

If I have a position in Etheruem and my stop or limit isn't hit, will it rollover until tomorrow?

 - yes - all positions will remain open until you either close the position, your stop is hit, or your losses on the account cause margin issues which would cause the position to close. We don't 'roll' positions (close and reopen) they simply stay open until the above criteria are hit. 

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Haha, Now I found another issue when I think it was brought up in the past too, I am sorry I know I should read up. I tried to buy btc when it was tradiing at 10800 this morning when it was an obvious gain and guess what, I got a "You cannot currently buy this market to open a position" error popped up. Some smart algorithm knew that a lot of people "fomoing" (fear of missing out) and the system rejected my buy order! and for goodness sake, You all are already charging 0.0416% parking fees for each day and why are u all rejecting our longs? I find its quite ridiculous.

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And it happened again half hour ago when bitcoin dipped. This does seem like a deliberate automated action whenever price dips to a very potentially profitable level. A possible solution iv found - being a savvy scot - is to have orders in the background (granted it eats up your balance with the margin). When price looks good edit to a price that will execute immediately. Voila!

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    • By the way if its a system you want to demo or try, I trade US 500 and Russell Long only, with no stops, I would not trade with no stops for gold, oil etc but am happy to do it on US indices as nothing recovers as quickly as US markets, so if I am wrong i just hold it until it goes in profit again, when I am wrong I wait until market recovers, so sometimes when market has gone against me I have to wait 4 -8 weeks before it recovers but this way means no drawdowns only overnight currency charge which is minima. You need to trade wihin your accoutn to do this as you need to make sure your balance is big enough when you get it wrong. You could try it on IG demo account  to see if it worked for you.
    • Yes your balance needs to be above 0, that's your most important number don't fall into the trap of thinking if its above 0 you can put trades on, you can but your balance needs to be big enough that if they go against you, you are still above 0, if not you get messgage from IG to add funds to your account or IG will take you out of trades, so if you had a trade you wanted to keep on it would now be taken out as a loss as funds in balance are in minus. You need a big enough number left in the balance column that if your trades go against you you can still hold if you want to.
    • Now all Musk has to do is buy BTC again and re-ramp for another shed load of profit.....
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